Asia Rallies, Korea at 2-Week Highs

Asia-Pacific markets climbed across the board, with South Korean stocks leading gains.

In Japan, the Nikkei 225 gained 189.98 points, or 0.6%, to 31,936.51, at its highest level in almost two weeks. Investors assessed the Reuters Tankan survey, which saw business morale at large Japanese firms stay largely unchanged.

In Hong Kong, the Hang Seng leaped 228.37 points, or 1.3%, to 17,893.10, up for a fifth straight session.

South Korea’s Kospi hit a two-week high as chip giant Samsung Electronics jumped 2.71%.

Samsung’s third-quarter operating profit forecast was slightly higher than analysts’ expectations


In Shanghai, the CSI 300 regained 10.42 points, or 0.3%, to 3,667.55.

Consumer spending in China isn’t growing as quickly as it did before the pandemic, analysts said.

Retail sales for the Sept. 29 to Oct. 5 holiday period rose by 9% from a year ago, according to state media reports of Ministry of Commerce data. The figures excluded the final day of the Golden Week holiday.

In other markets

In Taiwan, markets returned from holiday, with the Taiex hurtling 151.46 points, or 0.9%, higher to 16,672.03.

In Korea, the Kospi index recovered 47.5 points, or 2%, 2,450.08.

In Singapore, the Straits Times Index ditched 6.2 points, or 0.2%, to 3,192.87.

In New Zealand, the NZX 50 added 13.07 points, or 0.1%, to 11,306.45.

In Australia, the ASX 200 moved higher 47.78 points, or 0.7%, to 7,088.41.

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